Wasion : Announcements and Notices - Resignation and Appointment of Independent Non-executive Director

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3393)

RESIGNATION AND APPOINTMENT OF

INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board announces that:

1. Mr. Wu Jin Ming has resigned as an independent non-executive director of the Company with effect from 18 October 2016; and

2. Mr. Huang Jing has been appointed as an independent non-executive director of the Company with effect from 18 October 2016.

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors (the ''Board'') of Wasion Group Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') announces the resignation of Mr. Wu Jin Ming (''Mr. Wu'') as an independent non-executive director of the Company with effect from 18 October 2016, as he would like to devote more of his time to his academic development.

The Board would like to express its highest regards and deepest gratitude to Mr. Wu for his valuable contribution to the Group during his term of office. Mr. Wu has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board is pleased to announce the appointment of Mr. Huang Jing as an independent non-executive director of the Company with effect from 18 October 2016.

Mr. Huang Jing (黃靖), age 59, is an academic with more than 20 years of experience in Political and China Studies. Mr. Huang is currently a Professor and Director of Centre on Asia and Globalisation at the Lee Kuan Yew School of Public Policy, National University of Singapore (''NUS''). Prior to joining the Lee Kuan Yew School of Public Policy, Mr. Huang had taught at University of Utah, Stanford University and Harvard University. Mr. Huang had also been a senior research analyst at the Brookings Institution.

Mr. Huang was the first Lee Foundation Chair Professor of US-China Relations at NUS. Mr. Huang is a Richard Von Weizsäcker Fellow from the Robert Bosch Stiftung, a Senior Overseas Economic Analyst for China's Xinhua News Agency, a board member of the Fujitsu-JAIMS Foundation in Japan, a board member of the Advisory Board of the Center on China and Globalization, a member of the Advisory Board of European-House Ambrosetti, China, a member of the Steering Committee of the NUS Research Institute in Suzhou, and a member of the Global Agenda Council at the World Economic Forum.

Mr. Huang graduated from Sichaun University with a Bachelor degree in English. He obtained his Master degree in History from Shanghai Fudan University, and his Doctor of Philosophy degree in Political Science from Harvard University. Mr. Huang is an independent non-executive director of Keppel Land Limited, a company listed on the Singapore Stock Exchange (SGX:K17).

Mr. Huang has entered into a service contract with the Company for a period from 18 October 2016 until the next annual general meeting of the Company, and is subject to retirement by rotation and re- election at the general meetings of the Company in accordance with the articles of association of the Company. Mr. Huang will receive emolument of HK$240,000 per annum. The emolument was determined by the Board with reference to his experience, duties and responsibilities in the Company as well as the current market rate.

Mr. Huang has no relationship with any Directors, senior management or substantial shareholders of the Company. As at the date of this announcement, Mr. Huang is not interested in any securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong).

Save as disclosed above, Mr. Huang has not been a director of any listed companies in the past three years preceding the date of this announcement.

Mr. Huang has not been involved in any of the events under Rule 13.51(2)(h) to (v) of the Listing Rules and there are no other matters in relation to the appointment of Mr. Huang as an independent non-executive director that need to be brought to the attention of the shareholders of the Company.

By order of the Board of

Wasion Group Holdings Limited Ji Wei

Chairman

Hong Kong, 18 October 2016

As at the date of this announcement, the Board comprises Mr. Ji Wei, Ms. Cao Zhao Hui, Mr. Zeng Xin, Ms. Zheng Xiao Ping, Mr. Wang Xue Xin and Ms. Li Hong as executive directors of the Company, Mr. Kat Chit as non-executive director of the Company, and Mr. Huang Jing, Mr. Luan Wenpeng, Mr. Cheng Shi Jie and Mr. Hui Wing Kuen as independent non- executive directors of the Company.